The Mortgage Bankers Association (MBA) endorsed the Black Homeownership Collaborative’s (BHC) plan to close the Black homeownership gap by 2030. The seven-point plan was announced at a BHC event in Cleveland.
“Promoting safe and sustainable homeownership and closing the homeownership gap that exists within minority communities is my top priority as MBA’s 2021 chair,” Susan Stewart, 2021 MBA chairman and SWBC Mortgage Corp. CEO, said in a release. “The mortgage industry has an opportunity and a responsibility to open the door for those ready and able to buy a home.”
The BHC is comprised of over 100 organizations and individuals committed to addressing affordable housing challenges facing Black communities. In addition to the MBA, other members include the National Association of Realtors, the National Fair Housing Alliance, National Urban League, and the National Association for the Advancement of Colored People.
Its seven-point plan includes homeownership counseling, down payment assistance, housing production, credit and lending, civil and consumer rights, homeownership sustainability, and marketing and outreach. It would increase Black homeownership by 3 million net new households by 2030.
“MBA continues to consult and partner with housing experts, consumer groups, nonprofits, and civil rights organizations to identify and remove barriers to homeownership for minority households,” Steve O’Connor, MBA senior vice president of affordable housing initiatives and BHC co-chair, said. “I am proud to co-chair the Black Homeownership Collaborative and believe our thoughtful, results-driven plan will increase Black homeownership and help to close the racial wealth gap.”